Here's what we've transcribed part of Shultz's interview with CNBC's Maria Bartiromo:

"... I think what we've all witnessed, though, the last 24 hours, is such a despicable act. Something so irresponsible that a board member of an existing public company would release and leak an email without sharing it with the board or the CEO is beyond comprehension. But the story is worse than that. Here's the situation and this is the truth. This is not fiction. Bill Ackman was the primary engineer and architect of recruiting Ron Johnson to the company and he and Ron Johnson co-authored the strategy that fractured the company and ruined the lives of thousands of JCPenney employees and fractured shareholder value."

"My problem is ... Mike Ullman graciously came back to change the company and worked tirelessly and given the time and support from the board I'm very confident he will do just that. And there's one other thing. Bill Ackman released an email today that said that Mike Ullman is not communicating with him and the board. When Mike decided to come back, I shared with him verbatim all the things that I did during the transformation with Starbucks and he used many of those communication tactics, including emailing and communicating with board weekly as well as with employees. So this is a tragic example of an irresponsible, despicable act. This isn't about Mike Ullman for me it's about financial engineering and people who do things for their own benefit and as a result fracture the goodwill, shareholder value and life of hardworking people ... Mike Ullman is a world class CEO and fantastic leader."

[phone breaks up and rejoins the program]

"... What I was trying to say, Maria, is that Mike Ullman came back really to try and save the company. What's so perverse here is that he's trying to save the company that Bill Ackman has basically done severe damage to and for Ackman to do what he's done in the last 24 hours is not only irresponsible but it's destructive behavior. If I was sitting on that board, I would be asking for Bill Ackman's removal."